Marcus Sotiriou, Analyst on the UK primarily based digital asset dealer GlobalBlock
Bitcoin is consolidating round $29,000 because the RSI indicator has now entered a interval that has traditionally preceded outsized returns on funding for long-term buyers. Rekt Capital exhibits that when the RSI has reached this degree beforehand and reversed, together with January 2015, December 2018, and March 2020, it has marked a macro backside.
Moreover, Glassnode exhibits that Bitcoin is approaching a area that’s beneath the common price foundation of all holders on-chain. Beforehand, when Bitcoin enters this area it has introduced 4 generational shopping for alternatives. Each of those indicators recommend that the crypto markets might be nearing a backside for this bear-market we’re in.
The established DeFi lending platform, Aave, has introduced the launch of Lens Protocol, a decentralized social graph that makes use of NFT belongings to energy social media platforms. It lets customers personal their content material by storing it as NFTs inside a crypto pockets.
Lens Protocol have chosen to construct on Polygon, because it permits quicker and cheaper transactions than Ethereum. This makes Polygon extra appropriate for a social community constructed round a probably massive variety of NFT belongings.
Aave CEO Stani Kulechov stated, “We imagine that content material creators ought to personal their audiences in a permissionless vogue, the place anybody can construct new consumer experiences by utilizing the identical on-chain social graph and knowledge.”
Many declare Lens Protocol is a competitor to centralised social media platforms like Twitter, because it powers decentralised social media platforms. Final 12 months, he tweeted “Since Jack Dorsey goes to construct Aave on Bitcoin, Aave ought to construct Twitter on Ethereum.” This clearly was not a throwaway remark as Stani is now constructing a decentralised social media rival, however he has chosen Polygon as a substitute. I believe Elon Musk might be thinking about integrating Lens Protocol into Twitter’s infrastructure, as he’s so obsessed with making Twitter decentralised.